Invcitus MD Strategies Corp (NEX: GENE) announced this morning that it has entered into an arrangement for the sale of Acreage Pharms under its ongoing bankruotcy filing. The company did not disclose the value of the transaction.

While a dollar figure was not issued by the company, it was identified that all existing shares of Acreage will be cancelled, and new shares issued to the investor, referred to as “Acreage Developments Corp”. The short of it here is that existing shareholders or creditors of Invictus will receive any form of compensation from the sale of the companies main asset, but rather all funds from the sale will be used to settle with creditors of Acreage directly.

Invictus will soon file a motion to present the plan to creditors, after which details of the sale will be made available to shareholders of the company. The remaining assets have yet to be sold, with the company still in search of such arrangements.

Acreage Development Corp is said to be a privately-owner firm that is in no way related to Invictus, or any of its directors or officers.

Invictus MD Strategies last traded at $0.05 on the TSX Venture’s NEX board.

Information for this briefing was found via Sedar and Invictus MD Strategies. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.